engleski

Analyzing Economic Systems Using Computable General Equilibrium Models

Computable General Equilibrium models represent a state-of-the-art multisectoral tool for policy analysis in mixed economies. Based on standard micro-economic theory, they use empirical data of a given country to form the benchmark dataset to which the model is calibrated. Simulations of the model provide insight into the quantitative structural effects of economic policies, taking into account interactions throughout the economy in a consistent way. The aim of this paper is to illustrate the use of such models using our first CGE model of the Croatian economy before it gained independence in 1991.

general equilibrium; simulations; structural adjustment; economic policy

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